As a small business owner, one important way to boost your bottom line and pave the way for future growth is by embracing cloud-based applications. Not only are cloud applications for functions such as accounting scalable and affordable, they are often more reliable and more secure than if you tried to install and maintain software on your company’s own computers and servers. Here are four big benefits of moving your business accounting to the cloud:
#1: You’ll boost your bottom line
First and foremost, cloud applications are scalable, meaning that you only pay for the resources that you need. If you’re a small business with only a handful of employees, why would you pay the same amount as a large enterprise with significant resource needs?
Moreover, think about the difference in how you pay for software: there’s typically a big upfront installation cost, and then a lot of updates and hidden maintenance costs. With cloud-based accounting software, there’s no upfront installation costs. Instead, you pay monthly via a subscription model. The more resources you need, the more you’d pay for the monthly subscription.
#2: You’ll have accessible real-time insights into your business
Think about the typical accounting software that you install on computers within your offices. You only have access to that software when you are actually using that computer. That’s because all of your financial and accounting information is stored internally.
But contrast that outdated technology with a cloud-based accounting package. Here, you have the ability to access your financial and accounting information from any digital device, such as a tablet. So imagine that you’re reviewing inventory in your warehouse, or that you’re traveling for business – you’d be able to access all the relevant financial information about your company because it would reside in the cloud, and not on a specific computer.
#3: You’ll be able to run a more efficient business
The days of companies being divided into “silos” are coming to an end. In today’s digital economy, data is so paramount to your company’s success, and that means that every division or unit of your business needs to be able to share and collaborate on projects. That’s simply much harder to do if your accounting team is a separate silo of your business that’s only visible to many at the end of the quarter or during tax time.
Cloud-based accounting software offers a completely different way of doing business. Your financial and accounting software resides in the cloud, where it’s much easier for other members of your team to access it. This can be crucial if you’re preparing for a new product launch, a new sales presentation or a new marketing initiative. You may need to feed in data from your e-commerce site quickly and reliably, or distribute important sales targets and goals to your marketing team.
#4: You’ll run a safer, more secure business
If you’re installing your own software, it also means that you’re committing to hiring an IT team to make sure it runs properly 24/7. That can really be expensive if you’re a small business with a limited staffing budget. By moving everything to the cloud, though, you are able to run a leaner, more streamlined business. All of the maintenance, upkeep and security is handled off-site by experienced staff members. That means you can focus on running your business, without any extra security hassles.
It’s easy to see why more businesses than ever before are moving their operations to the cloud. Moving your business accounting to the cloud makes sense for so many reasons: it can boost your bottom line, give you real-time insights into how your business is functioning and help to streamline the operation of your business. Cloud-based accounting solutions can help to facilitate your future growth.